Clarity Act Clears U.S. Senate Committee

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In a win for the crypto industry, the “Digital Asset Market Clarity Act” has passed a key vote in the U.S. Senate.

The U.S. Senate Banking Committee advanced the Clarity Act in a 15-9 bipartisan vote as both Republican and Democrats supported the legislation.

A final version of the bill will now move to a vote by the entire Senate, followed by a last vote in the U.S. House of Representatives.

The Clarity Act is federal legislation designed to provide a comprehensive regulatory framework for digital assets such as cryptocurrencies and stablecoins.

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and other crypto firms have fought for the legislations passage, arguing that it’s a precursor to broader institutional adoption of cryptocurrencies such as Bitcoin .

For the past few months, the legislation had been held up by a dispute between crypto firms and banks that see digital assets as a competitive threat and are against the Clarity Act.

However, Senators came to a compromise earlier this month that allows reward payments similar to interest on a savings account when customers use crypto but not on idle deposits.

The positive outcome at the banking committee increases the chances that the Senate will vote to approve the bill before August.

However, even if that happens, the legislation still needs to pass the U.S. House of Representatives before reaching President Donald Trump’s desk for his signature.

Crypto advocates are pushing to have the Clarity Act passed into law before the midterm congressional elections this November.
source: https://www.tradingview.com/news/cryptoprowl:45da64734094b:0-clarity-act-clears-u-s-senate-committee/